06/04/18 1.7230 start
We took the first trade on the break of the rising wedge and are up 67 pips.This is a big box (range) and the target at the bottom is 1.6600 which means an opportunity for 716 Pips.
We are looking for an initial move to the 0.500 Fibo support @ 1.7070 of the last leg up and expect a bounce there.The bounce will be a pullback and the “pullback is my friend”. and then Day bottom @ 114.81. There are 6 large Wide-Open Space’s (WOS) here – Don’t Miss those BIG Opportunities!Any pullback offers increased opportunity to add positions.Equilibrium is found at the 1.6966 area so watch that area also for a bounce.A break of Equilibrium is a good sign we are going to trade to the bottom.
How to trade it? You will need to wait for your set-up to show up, for London & New York traders on the break of the current flag pattern (pole trade).Take your first entry and use the respective risk reward ratio to start trading this currency pair. We have preplaced entry orders (sell stops) on the break of each Fib and barrier to the downside and any rally should be considered an area to add to the position.DO NOT TRY AND CROWD THIS PAIR WITH TIGHT STOPS.Remember the “pullback is your friend” in route so use those to add to the position.
The pair typically has pullbacks in the 150 pips range, so every pullback could add an additional 150 pips to the trade with another position. Manage that Pullback by removing all but the FIRST TRADE.Currently the ATR (14 Day - Average True Range) of the currency is 144 Pips per day (which is higher than its 180-day average of 130), so this might take about 3 weeks with pullbacks!